What changed
$MRSH — ADD 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $7.6B | EPS $3.29 vs $3.22 🟢 | Margin 24.2%
💡 Consensus expects slowing growth due to macro uncertainty, but underlying organic revenue growth was 4% with margin improvement, and the Greensill charge is non-recurring. The market over-emphasized the GAAP decline.
📉 Reward/risk: 2.9:1
🏢 Business Quality: 9/10 - Wide-moat insurance broker and consultant with recurring revenue, pricing power, and high switching costs.
📊 Valuation: fair to slightly cheap — TTM GAAP P/E 20.9x (historical median) appears fair, but normalized adjusted forward P/E ~18x is below 5‑year average ~20x.
🔮 Catalyst: Analyst upgrades following Q1 2026 earnings as they adjust models for the charge and focus on adjusted numbers.
💰 Entry: $162, stop $155, target $182
📊 Our read: ADD. Full analysis →
https://stockduty.xyz/s/MRSH0619